Updates

  1. Person pages list letters, writing, profiles and links as sortable tables with filters, and show each person's companies as links; Fund letters show each letter's description in its own column.
  2. Experts show a checked job title and a short description of each person; 30 more people have photographs.
  3. Every company, fund, university and publication the experts work for has a page listing the people there.
  4. Fund letters show each letter's thesis and filter by it; 225 person pages list the essays, columns and newsletter issues the person wrote.
  5. Person pages list every essay and newsletter issue a person wrote, and their own books as a table in List view.
  6. Recommends shows the five largest kinds of book and the rest under More; browse pictures load sooner.
  7. Podcasts and talks link the original episode, filter by Audio and video or Press, and list each publisher once.
  8. Pages are wider, Recommends has List and Grid, and a filter clicked again turns off.
  9. Book cards sit in a ruled grid with Open Library and Goodreads links and each book's one-line note.
  10. Funds is now Investors; each investor's styles are buttons that filter the table.
  11. Podcasts and talks on a person's page filter by year and publisher and show as a list or a grid of pictures.
  12. Quotes show only people's own words: 472 summaries written by list sites are gone.
  13. Country pages open from Browse again, and every link on the shelf lands on a page.
  14. Subject and person pages show their sections as tabs, and each book appears once on a person's page.
  15. Book cards show the quote, who said it and the source; grids show five cards to a row.
  16. On a phone, a menu holds the sections, search, Updates, Feedback and dark mode.
  17. Feedback takes a screenshot of the page with no browser prompt, opens a screenshot full size when you click it, and clears itself once sent.
  18. Book cards are centred, search names the topic each book sits in, and any text cut short shows whole on hover.
  19. Search groups its results by kind: people, companies, geographies, subjects, topics, books, funds, fund letters and papers.
  20. The Books table lists who recommended each book by name, and the browser tab names the section you are in.
  21. Feedback can take a screenshot of the page, or one you paste or choose, and opens in the corner beside Updates.
  22. Each rail button reopens its section where you left it, and Browse, Table and People show on every book and subject page.
  23. Filters grey out choices that hold nothing instead of hiding them, and Books › People filters by authors or recommenders.
  24. Feedback takes a subject line and up to three screenshots.
  25. Biographies are grouped by the person they are about: 41 new pages, from Abraham Lincoln to Lee Kuan Yew.
  26. Sport splits into 23 sports, and Religion into one topic per faith.
  27. Book lists show as cards: the cover, one recommendation quote and every recommender by name.
  28. Seventeen subjects that had two or three pages under different names now have one page each.
  29. Every page lists its Experts as authors and recommenders, with a link to them on the Experts tab.
  30. Economics, Financial history, Financial panics and Accounting are subjects of their own, with one page per financial crisis.
  31. Book, person and subject pages open inside the app, so the tabs stay in view.
  32. 996 more book covers, and photographs or logos for 227 more people and companies.
  33. Books › Browse shows every subject as cards, and the rail holds Fund letters, Papers, Experts, Books and Funds.
  34. Every topic over 150 books splits into narrower topics, each with a page of its own.

Send feedback

What is it?
Screenshots, up to 3 (optional)
or paste one with Ctrl+V

We use your email only to reply to you.

The Crowd: A Study of the Popular Mind

The Crowd: A Study of the Popular Mind

Gustave Le Bon
1895
T1 240 pages · about 4h to read Open Librarygoodreads

The founding study of crowd psychology behind every mania

Summary

Le Bon published this in 1895 as an analysis of how individuals behave differently when part of a crowd, and it became one of the founding texts of social psychology despite its methodological failings.

His central claim is that a crowd possesses characteristics different from those of its members, that individuals in a crowd lose their sense of individual responsibility, become suggestible, and act on emotion rather than reasoning. He identifies three mechanisms: anonymity, which removes personal responsibility; contagion, by which behaviour and emotion spread through the group; and suggestibility, which he compares to a hypnotic state.

His account of how crowds are led is the material that has had the most consequence. He argues that a leader must use assertion without proof, repetition, and contagion; that reasoning has no effect on a crowd while images and simple slogans do; that a crowd requires certainty and rejects nuance; and that prestige, whether personal or acquired, is what makes a leader accepted. The book was read by Mussolini, Hitler and Goebbels, and its influence on twentieth-century propaganda is documented rather than inferred.

The methodology is nonexistent. Le Bon generalises from observation, the class and racial assumptions are of their period and are offensive, and modern crowd research contradicts many of his claims, particularly the loss of individual rationality and the depiction of crowds as inherently irrational. Reicher and others have shown that crowds behave according to shared social identity rather than losing identity. Read it as a historically consequential document rather than as psychology.

Key takeaways 8

  1. Individuals in a crowd behave differently than they would alone, which Le Bon attributes to anonymity, contagion and suggestibility.
  2. Anonymity within a group removes the sense of individual responsibility that constrains behaviour.
  3. Crowds respond to images, assertions and repetition rather than to reasoning or evidence.
  4. A crowd requires certainty and rejects qualification, which is why leaders who express doubt lose them.
  5. Assertion without proof, repeated frequently, is the mechanism by which a claim becomes accepted by a group.
  6. Prestige, whether personal or acquired through position, is what makes a leader accepted rather than the content of what they say.
  7. The book was read by twentieth-century propagandists and its influence on their methods is documented rather than inferred.
  8. Modern crowd research contradicts the central claim that individuals lose rationality, showing instead that crowds act on shared social identity.

Who should read it

Readers interested in the historical foundation of crowd psychology and propaganda technique, treated as a document rather than as science.

Who recommended it 4 · 3 direct

“The Crowd, written in 1895 by Gustave Le Bon, is probably the most instrumental book in framing my ability to go against the grain of conventional thought and not feel insecure.”

“There are a few books - really not that many which I believe are indispensable reading for every serious investor in whatever facet of investment practice they may favour - The Crowd: A Study of the…”

Similar books 6

Chosen by shared topics, the entries that hold them, and the people who recommended both.

Eric Hoffer · 1951

Why mass movements of every kind draw the same frustrated people and use one method.

“My favourite book to recommend is The True Believer: Thoughts on the Nature of Mass Movements by Eric Hoffer. There is no discussion about investing, but it is extremely helpful in understanding…” — Joe Rosenberg

Source: Rosenberg on the book he most often recommends

Recommended by: Joe Rosenberg, Mohnish Pabrai and 6 others

Timur Kuran · 1995

Preference falsification: why people hide their views and how that hides change.

“So this is one of the all time great books. Incredible.” — Marc Andreessen

Source: Lex Fridman Podcast #458 transcript — Marc Andreessen

Recommended by: Marc Andreessen

Charles Mackay · 1841

Crowd manias from the Mississippi scheme and South Sea Bubble to witch trials.

“The first couple of chapters of this book, which describes in detail the great financial and stock market manias of the eighteenth century, are essential reading for all serious investors.” — Barton Biggs

Source: Biggs on the first chapters as essential reading

Recommended by: Barton Biggs, Bernard Baruch, Peter Cundill and 2 others

Steven Pinker · 2025

Common knowledge, where everyone knows that everyone knows, and what it does.

Recommended by: Bill Gates

Edward Chancellor · 1999

Speculation from ancient Rome and tulip mania to the 1990s, and its recurring traits.

Dale Carnegie · 1936

Techniques for handling people, being liked and winning others to your view.

Where it sits in the reference 2

Mental models
Financial panics

Topics

Psychology and BehaviourSociology and CultureSocial psychology, persuasion and influenceSocial behaviour and collective action